East Dulwich Local Currency

[hoelos]

Apologies if this has been discussed already on this forum. I did a quick search on here but couldn't find anything.

I'm just curious if people think a local currency for East Dulwich (including perhaps Peckham) would be a good idea?

I know East Dulwich is very different from Brixton, but have a look at this:

They've even got Lambeth council on board.

As I see it, it could help local businesses by making sure money spent locally stays locally.

It could also help in keeping our high street unique as it would encourage people to favour the indie shop rather than the big chain shops.

[matryx]

I think the only thing a local currency would accomplish would be to add a sense of elitism to the area and make the area seem less approachable to outsiders.

The aim of Mr Woolf's talk seems to be to get big chains out of the high street, which I do not think is necessarily a bad idea, but his model (the brixton pound) for accomplishing that is unnecessarily restrictive. While you have any of this 'local currency' your own liquidity (asset wise) is hampered.

There could be other ways to accomplish the same sort of thing, e.g. "Southwark" cards as a general area loyalty scheme (annual fee so non-residents can buy them, perhaps small discount in local stores), which wouldn't lock up your money in an actual currency which can't be used anywhere else.

Ok, yes, you could argue that an area loyalty scheme is also a form of currency, but you seem to be talking specifically about the brixton pound rather than anything else he mentions in passing at the start of his talk.

He says it launched in 2009 and is a point of pride for the area / talking point / community pride etc - but this is the first I've actually heard of the local currency for Brixton and I used to visit the area quite frequently back in 2010, so the other potential pitfall is a lot of effort expenditure getting this set up, and then no-one even knowing it exists.

He's quite right when he says (in passing) that people will not generally be bothered to go to get money out, in order to get the local currency, in order to buy their groceries - I certainly wouldn't - I already shop locally whenever I can so why would I make things harder for myself?

[Earl Aelfheah]

Why don't local shops just get involved in the Brixton scheme (I notice that Ollies in Herne Hill uses, and actually issues the currency). Doesn't seem as though it would be necessary to set up a specific Dulwich one.

[Curmudgeon]

I think it's a ridiculous idea

[Chick Pea]

It's an odd one - restrictive, parochial and inward looking but I guess that's how it works.

I can't see myself using an ED version because I find it hard enough to keep track of one currency plus I couldn't be bothered having to change sterling to ED? and majority of my financial transactions are done with a card not cash.

[hoelos]

I understand it can seem pointless strictly from a consumers perspective. I think the idea is to tie the local businesses closer together so they use each other as suppliers. Maybe the idea appeals more to people who own businesses and/or earn their living locally? Would be interesting to hear their views.

If, like matryx you already shop locally you can with a local currency make sure your money circulates locally rather than the next person spending it in Sainsbury's only for the money to leave the area.

With Brixton Pounds and Bristol Pounds you can pay electronically through a mobile sms messages, for those who find cash cumbersome.

As rahrahrah points out, if local businesses are already accepting Brixton pounds then a specific Dulwich one won't be necessary.

Then again some of you might be right, a local currency isn?t right for Dulwich as there's already plenty money around and people are conscious about the benefits of shopping at the local butcher and fishmongers.

[Marcus]

I think it's a great idea. Perpetual promotion of local business, and a reminder to think local rather than convenience - if your lifestyle permits. I read about the Brixton currency recently and I think you get a 10% incentive when converting (not sure who bares that cost), online account management, payment via mobile etc. The council charge a processing fee to cover costs (reasonable if proportionate and fair) - I'm not sure how that compares to the Visa/Mastercard financial/political embargo enabling racketeers, but if it works out better for the traders, then hurrah. Or just spend cash in local shops etc...

The notes look "cool"

http://brixtonpound.org/

[pandrns]

I think a discount card for local businesses is a great idea instead- Carnaby Street has a Carnaby Card which it offers to local businesses/employees encouraging them to spend local. What's wrong with boosting our high sts when the forum seems to have a shop closing every week or so.

[mattlake]

Please god no. Utterly regressive idea

[balanceforlife]

There is already a local discount card which local people can get free of charge. Local business fund the initiative and I think it is a good way to help keep things local. No money changing or hassle. Just flash you card. What could be simpler?

You can find more details here http://www.livelovelocal.net/

AJ

[LiveLoveLocal]

We do indeed have a local loyalty card scheme and we've just given our web site a revamp. Check it out!

http://www.livelovelocal.net/

 

[Barred]

Is it April the 1st yet

[hoelos]

Seems the verdict is 'not right for East Dulwich'.

Still though, for anyone who might find the subject (complementary currencies) interesting, you should check out this guy's work: